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SK Hynix Raises $26.5 Billion in Nasdaq IPO, Sets Record For Foreign Listing

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SK Hynix Raises $26.5 Billion in Nasdaq IPO, Sets Record For Foreign Listing

SK Hynix (KRX:000660) has set the price of its initial public offering on the Nasdaq at $149 per American depositary share, raising about $26.5 billion, according to a press release on Thursday.

At that size, the South Korean semiconductor company now ranks as the largest US stock sale in history by a company based out of the US.

SK Hynix sold 177.9 million ADRs, equal to 17.79 million common shares, or about 2.5% of its total issued and outstanding share capital. The Financial Times reported, citing two people familiar with the matter, that the offer was seven times oversubscribed, with more than 500 investment firms looking to buy shares.

Situational Awareness, run by a former OpenAI researcher's hedge fund, UK investor Baillie Gifford and US tech-focused investment management firm Coatue, signaled that they could take up to $7 billion worth of the ADSs that SK Hynix plans to sell, the FT reported earlier this week.

The ADRs will begin trading on Friday under the symbol SKHYV and are set to shift to regular trading under SKHY on Monday, July 13.

Bank of America, Citigroup, Goldman Sachs and J.P. Morgan are the underwriters.

The chipmaker's Nasdaq IPO eclipses Alibaba Group's (HKG:9988) $21.8 billion NYSE listing in 2014.

SK Hynix, a key supplier of high-bandwidth memory used in AI processors, said it will use the proceeds from the Nasdaq IPO to fund new production lines at home and purchase extreme ultraviolet lithography (EUV) scanners, which it expects to cost roughly 11.9 trillion won.

The listing follows a wave of capital commitments in South Korea. In June, SK Hynix and rival Samsung Electronics (KRX:005930) pledged to lead a 1,350 trillion won government-backed initiative to build new fabrication plants and AI data centers at home.

In the first quarter of 2026, SK Hynix reported a fivefold year-over-year increase in net income to 40.35 trillion won, on revenue of 52.58 trillion won, which tripled from 17.64 trillion won a year earlier.

The FT said analysts expect SK Hynix's US listing to boost its valuation and narrow its gap against global peers like Micron.

"There is still considerable upside potential," Kim Dong-won, head of research at KB Securities, was quoted by the FT as saying. "The chip rally isn't over yet."

In June, SK Hynix topped Samsung to become South Korea's most valuable company. Recently, however, Samsung managed to reclaim its crown. By Thursday's close, SK Hynix held a market capitalization of 1,558 trillion won, falling behind Samsung's valuation of 1,776 trillion won.

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